U.S. Personal Loans Reach Record $138bn

The U.S. personal loan market has surged in the last 5 years to reach more than $138bn; one of the big drivers behind this growth is fintech lenders who now make up 30 percent of the market, up from 5 percent in 2013; the overall market is up 17 percent year on year according to new data released by TransUnion; traditional banks make up 28 percent of the market, they were previously at 40 percent in 2013; the top reasons for taking out a loan are debt consolidation, home improvement financing and retail. Source.